Gold Price Forecast: Further rangebound action in XAU/USD is the most likely outcome for now – Credit Suisse
|Gold has stabilized above the 100-Day Moving Average, with further ranging expected for now, economists at Credit Suisse report.
$2,063/75 record highs posted in 2020 and 2022 will prove a tough barrier
Gold has moved into a range over the past week, helped by the stabilization in US Real Yields and after the hold above the 100-DMA at $1,940. Although this is not an average we typically track, it did floor the market during the February setback earlier this year.
Going forwards, we still expect pivotal resistance at the $2,063/75 record highs posted in 2020 and 2022 will prove a tough barrier given the tiring short-term momentum picture, with a triple bearish momentum divergence still in place. This suggests further rangebound price action is the most likely outcome for now.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.